May 17, 2024 10:47 GMT
CEEMEA FX Price Signal Summary - EURPLN Key Support Remains Exposed
EMERGING MARKETS
- A downtrend in EURHUF remains in place and short-term gains are considered corrective. The recent breach of support at 388.34, the Apr 5 low, strengthened the bearish theme and note too that moving average studies have crossed into bear-mode position, highlighting a downtrend. The focus is on 385.00, where a break would open 382.34, the Feb 1 low. Initial resistance is at 389.22, the 20-day EMA.
- EURPLN has traded lower this week, extending the bear cycle that started Apr 16. The continuation down exposes key support at 4.2527, the Apr 9 low. A break of this level would confirm a resumption of the medium-term bear trend and open 4.2131, the 1.00 projection of the Jan 17 - Apr 9 - Apr 16 price swing. Firm resistance is at 4.3065, the 50-day EMA.
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